RE UPDATE Q1 2025 (Jan-Mar) PDF Free Download
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Q1 2025
RE UPDATE
Lead Sponsors:
(Jan-Mar)
2
3
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01>
Executive
summary
02>
Installation
Trends
03>
Quarterly RE
Generation
04>
Market Shares
05>
Tenders
06>
Financial
Deals
07>
Solar
Manufacturing
08>
Price Trends
09>
GDAM
5
Executive Summary
•In Q1 2025 (Jan-Mar 2025), about 5.93 GW of utility-scale
solar capacity was added in India, representing a 12.2%
increase compared to the previous quarter's installations. In
the wind segment, about 1.87 GW was added, representing a
134.3% increase from the installations in Q4 2024. Moreover,
around 1.34 GW were installed in the rooftop segment during
this quarter.
•In FY2025 (Apr 2024-Mar 2025), India added about 16.9 GW of
new utility-scale solar capacity, which represents a 47%
increase compared to the previous year’s installations. During
FY2025, about 5.1 GW of new rooftop solar capacity was
added in the country, representing a 72% increase compared
to the previous year. In the wind sector, about 4.2 GW of new
capacity was added in FY2025, up by 28% compared to the
3.25 GW capacity added during FY2024.
•According to JMK Research, in FY2026, about ~30.2 GW of
new solar capacity is expected to be added in India (21.1 GW
from utility-scale, 7 GW from rooftop solar and another 2.05
GW from off-grid component). Whereas in the wind segment,
it is projected that around 6 GW of new capacity is likely to be
added in FY2026.
•Further, according to the Q1 2025 equipment shipment data
received by JMK Research, more than 18.6 GW of central and
string inverters were shipped in the domestic market in Q1
2025. Additionally, about 12.5 GW of solar modules were
shipped in India by 24 major suppliers. Sungrow was the 6
•leading inverter supplier with a shipment capacity of about 9.8
GW, followed by Sineng (2.8 GW) and TBEA (1.9 GW) this
quarter. In Q1 2025, Waaree was the leading module supplier,
contributing around 17.3% share of total shipments in India.
•In Q1 2025, 4.8 GW of utility-scale renewable energy tenders
were issued, representing a 49% decrease from Q4 2024 and
an 88.2% decline compared to the same period last year.
•In Q1 2025, a capacity of ~7 GW was allotted to various RE
developers, reflecting a decrease of 8.6% compared to Q4
2024.
•Among the total capacity awarded in the solar segment, NTPC
and Adani secured the highest capacities of 1000 MW and 400
MW, respectively.
•The investment flow in the RE sector in Q1 2025 was more
than US$6232 million, which is about 34% higher than the
investments in Q4 2024.
•In Q1 2025, ~572 MW of modules were exported by 4 key
players. Adani and Waaree exports in Q1 2025 exceeded twice
the capacity exported in Q4 2024.
•In Q1 2025, the price of mono-PERC 500 Wp modules stood at
INR 15.39/Wp, marking a 0.70% decrease from Q4 2024 and a
22.14% year-over-year decline.
Chapter 2:
Installation Trends
India’s renewable capacity installation reached 220.1 GW as of March 31, 2025. Solar continues to be the major contributor with a 48%
share in the total renewable mix, followed by wind (23%) and large hydro with a 22% share.
As of March 31, 2025, about 105.6 GW of solar and 50 GW of wind capacity were installed in India. The current pipeline of combined
capacity of solar, wind, hybrid and storage projects are around 143.8 GW, which is likely to be commissioned in the next 4-5 years.
Another 66.1 GW of projects are under the bidding phase i.e., where tenders have been issued but auctions are not yet concluded.
India achieved a record renewable energy capacity addition of approximately 29 GW (excluding large hydro) in FY2025. This marks a
56% increase from the 18.4 GW capacity added in FY2024. The increase of capacity will be crucial for India to reach its goal of 500 GW
of renewable energy by 2030. Achieving this target requires the country to add an average of 50 GW each year by 2030.
Figure 2.1: RE Installations trend, as of March 31, 2025
Solar, 48%
Wind, 23%
Large Hydro,
22%
Bio Power
5%
Small Hydro
2%
100%
=
220.1 GW
105.6
50
4.7
70.9
18.6
49.3
5
24.1
4.4 19.7
17.9
0
50
100
150
200
250
Solar Wind Hybrid Pumped Hydro
Storage
Capacity (GW)
Commissioned Pipeline Under Bidding
Source: MNRE, JMK Research
Note: Solar includes utility-scale solar, rooftop solar, distributed/ o-grid solar
Cumulative Installation Trends
2.1
8
2.2
Yearly installation trends and projections
Utility-Scale Solar
In FY2025, India added approximately 16.9 GW of new utility-scale solar capacity, which represents a 47% increase compared to the
previous year’s installations.
The signicant rise in renewable energy installations in FY2025 can be largely attributed to the commissioning of long-pending projects from
SECI, IREDA, RUMSL, and GUVNL. Additionally, the accelerating momentum of the green open access market driven by corporate
decarbonization initiatives has also been a key factor in the increased installations.
Utility-scale solar comprises approximately 54.8% of total installed capacity, while open access accounts for 45.2% of the installations in
FY2025.
In terms of state wise solar installations, Rajasthan (6,431 MW), Gujarat (3,268 MW), and Maharashtra (2,146 MW) were the leading states
with signicant large-scale solar installations in FY2025.
Rooftop Solar
India added about 5.1 GW of new rooftop solar capacity in FY2025, representing a 72% increase compared to the previous year. This surge
was primarily driven by the PM Surya Ghar: Muft Bijli Yojana, which facilitated significant capacity additions in the residential sector.
As of March, 2025, the scheme achieved a milestone of 1 million installations, leading to the addition of over 3 GW of rooftop solar
capacity. An additional 27 GW is targeted for installation by March 2027 under this initiative.
Gujarat achieved the highest rooftop solar capacity installation during FY2025 with 1,649 MW, followed by Maharashtra (1,227 MW) and
Kerala (515 MW).
Off-grid Solar
In the off-grid/distributed solar segment, about 1.79 GW was added in FY2025, nearly three times the capacity added in FY2024. 9
10
Wind
In the wind sector, about 4.15 GW of new capacity was added in FY2025, representing a 28% increase compared to the 3.25 GW capacity
added during FY2024. In FY2025, Karnataka, Tamil Nadu, and Gujarat together accounted for 82% of India’s wind installations.
Figure 2.2: Annual Solar and Wind capacity addition trends in India
0 5 10 15 20 25
FY2022
FY2023
FY2024
FY2025
Capacity (GW)
Solar Installation Trends
Utility Scale Solar Rooftop Off Grid
23.8 GW
15 GW
12.8 GW
13.9 GW
1.1 GW
2.3 GW
3.2 GW
4.2 GW
0 1 2 3 4 5
FY2022
FY2023
FY2024
FY2025
Capacity (GW)
Wind Installation Trends
Wind
Source: MNRE, JMK Research
In FY2025, solar and wind installations grew by 53.8% year-on-year. Solar installations witness a
rise of 58.7%, while wind installations increased by 31.25% compared to the previous year.
0
1
2
3
4
5
6
7
8
Rajasthan Gujarat Maharashtra Tamil Nadu Karnataka Madhya
Pradesh
Andhra
Pradesh
Haryana Kerala Other States
Capacity (GW)
Utility Scale Solar Rooftop Solar Off grid Solar/KUSUM Wind
6.9
5.9
4.5
3.1
2.4
1.5
1.1
0.5 0.5
1.6
Source: MNRE, JMK Research
In FY2025, the top five states Rajasthan, Gujarat, Maharashtra, Tamil Nadu and Karnataka collectively accounted for approximately
81.5% of the total solar capacity installed in India. Additionally, Karnataka, Tamil Nadu, Gujarat, Madhya Pradesh and Andhra
Pradesh have installed the maximum wind energy projects, contributing to 95.2% of the total wind capacity installed in the country.
Figure 2.3: State-wise solar and wind capacity addition in India in FY2025
State wise Installations
2.3
11
According to JMK Research, in FY2026, about ~30.2 GW of new solar capacity is expected to be added in India (21.1 GW from utility-
scale, 7 GW from rooftop solar and another 2.05 GW from off-grid component). Whereas in the wind segment, it is projected that
around 6 GW of new capacity is likely to be added in FY2026.
Figure 2.4: Year-wise solar and wind installation trends in India
-50%
0%
50%
100%
150%
200%
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
Annual Growth %
Capacity (MW)
Solar Y-o-y growth
Source: MNRE, JMK Research
Note: Solar includes Utility Scale Solar, Rooftop Solar and Off grid solar capacity
-100%
-50%
0%
50%
100%
150%
200%
250%
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Annual Growth %
Capacity, MW
Wind Y-o-y growth
Yearly Projections
2.4
12
In Q1 2025 (January-March 2025), about 5.93 GW of utility-scale solar capacity was added in India, representing a 12.2% increase
compared to the previous quarter's installations. In the wind segment, about 1.87 GW was added, representing a 134.3% increase
from the installations in Q4 2024. Moreover, around 1.34 GW were installed in the rooftop segment during this quarter.
In the next two quarters, about 11.9 GW of solar and 3.8 GW of wind capacities are expected to be installed in the country.
Figure 2.5: Quarter-wise solar and wind installations
Source: MNRE, JMK Research
Quarterly Trends
13
2.5
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
Capacity (MW)
Utility Scale Solar Wind
Chapter 3:
Quarterly RE
Generations
In Q1 2025, RE accounted for 19.9% of the total energy generated i.e. 445.5 BUs with a cumulative RE generation of 88.6 BUs, up by
around 4.2% from the previous quarter.
Solar generation accounted for 47.4% of the overall RE generation in Q1 2025 followed by large hydro (26.1%), wind (17.3%) and other
RES (including biomass, bagasse, waste heat, and small hydro) at 9.2%.
Figure 3.1: Source-wise Renewable Energy Generation (MU) in India, quarterly trend
9.60%
11.70%
10.70%
9.00%
16.00%
11.72%
12.73%
8.25%
8.67%
13%12.20%
9.59%
10.60%
12.20% 13.24%
9.52%
16.90%
20.41%
28.00%
19.95%
19.90%
0%
5%
10%
15%
20%
25%
30%
0
20,000
40,000
60,000
80,000
1,00,000
1,20,000
1,40,000
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
Q1 2023
Q2 2023
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Q1 2025
% Share
Million Units
Solar Wind Large Hydro Other RES %RE share in total energy generation
Source: CEA, JMK Research
15
Quarterly RE Generation
3
Chapter 4:
Market Shares
For Q1 2025, we have received more than 18.6 GW of shipment data from 16 players providing both central and string inverters in India.
Sungrow emerged as the leading inverter supplier, with a shipment capacity of approximately 9.8 GW in Q1 2025. This marks the highest
quarterly shipment volume to date in the domestic market, driven by strong order bookings.
Following Sungrow, Sineng secured the second position with a shipment capacity of around 2.8 GW, while TBEA holds the third position
with 1.9 GW during this quarter.
Figure 4.1 Leading inverter suppliers in solar segment in India in Q1 2025
0
2,000
4,000
6,000
8,000
10,000
12,000
Shipment Capacity (MW)
String Central
Inverter Shipment
4.1
17
Source: JMK Research
Note: Leading players are listed based on their shipment numbers in Q1 2025 in India. Kehua, SMA, Delta, INVT, Goodwe, Solax and Havells have not shared their quarterly data,
hence not included.
In Q1 2025, 12.5 GW of modules were shipped by leading 24 players in the Indian market in which top 5 players contributed around
~51% share.
In the first quarter of 2025, Chinese and international players accounted for approximately 10.2% of the total shipment capacity,
while domestic manufacturers contributed 89.9%. This quarter continued the dominance of Indian manufacturers in the domestic
market.
Figure 4.2 Leading module suppliers in the solar segment in India in Q1 2025
0
500
1,000
1,500
2,000
2,500
Shipment Capacity (MW)
Domestic Manufacturers Chinese/International Suppliers
Module Shipment
4.2
19
Source: JMK Research
Note: Players like Jinko, Longi, RenewSys and Navitas have not shared their quarterly data, hence not included. Premier Energies and First Solar have not conrmed their data. Data is based
on self-declaration by companies.
As of March 31, 2025, the top five players in terms of cumulative installations and pipeline capacity across utility-scale solar, wind,
and hybrid segments are Adani (36.2 GW), ReNew (22.3 GW), NTPC (16.2 GW), Greenko (15.14 GW) and Avaada (15.13 GW).
This quarter, JSW Energy expanded its renewable energy portfolio by acquiring O2 Power and Hetero Group’s renewable energy
assets, totaling approximately 4.8 GW.
Figure 4.3 Top 15 project developers across utility-scale solar, wind and hybrid segment as of March 31, 2025
0
5
10
15
20
25
30
35
40
Adani
ReNew
NTPC Limited
Greenko
Avaada
JSW Energy
Tata Power
Acme
Juniper Green
Sembcorp
Azure
SAEL
Neyveli Lignite
Corporation
NHPC
Shell
Capacity (GW)
Solar Commissioned Wind Commissioned Hybrid Commissioned
Solar Pipeline Wind Pipeline Hybrid Pipeline
Project Developers
4.3
20
Source: JMK Research
Chapter 5:
Tenders
In Q1 2025, only 9 new tenders totaling 4.8 GW were issued across solar, wind, wind-solar hybrid, and RE with storage segments, a
49% decline from Q4 2024 and an 88.2% drop year-on-year.
The slowdown is mainly due to a backlog of unsigned Power Sale Agreements (PSAs). Since 2023 through 2024, more than 40 GW of
awarded RE capacity has not secured any off takers. This delay has created uncertainty among market stakeholders and continues to
affect tendering activity and project timelines across the sector.
Figure 5.1 Quarter-wise renewable energy tender issuance trajectory, by tender type
0
5,000
10,000
15,000
20,000
25,000
30,000
Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Capacity Issued (MW)
Solar Wind Wind Solar Hybrid RE with storage
Source: JMK Research
Note: Only utility-scale project development renewable energy tenders are included for Solar, Wind and Wind Solar hybrid projects.
5.1
Tenders Issued
22
Solar
In Q1 2025, solar tenders represented 26% of the total capacity issued. However, there has been a
significant decline in the issuance of solar tenders for solar projects over the past three quarters, with a
38% drop in Q1 2025 compared to Q4 2024. This decrease can be attributed to the growing preference of
DISCOMs for firm dispatchable power rather than intermittent standalone solar systems, which is
influenced by challenges related to grid integration and transmission planning.
Wind
Wind Solar Hybrid
There were no tenders issued for the wind-solar hybrid segment in India during Q1 2025, likely due to
limited traction from developers in previous rounds, challenges in optimal site selection for co-located
projects, and a preference among issuing agencies to focus on standalone wind and solar tenders with
clearer offtake arrangements.
In Q1 2025, wind tenders accounted for approximately 11% of the total issued capacity. Compared to Q4
2024, the issued wind capacity increased sixfold. During this period, the Solar Energy Corporation of India
(SECI) oated a 400 MW ISTS Connected Wind (Tranche XVIII) tender in March 2025.
RE with Storage
In Q1 2025, ~3 GW of RE with storage tenders were issued accounting for 48% of the total RE capacity
issued. There is a decline of 41% in the issued tender capacity as compared to Q4 2024, likely due to
complexities in tender designs, aggressive bidding strategies, and delays in the readiness of ISTS infra.
23
Tenders Issued
In Q1 2025, central issuing agencies such as NHPC, NTPC, SECI and REMCL played a dominant role in renewable energy tendering,
collectively accounting for approximately 79% of the total issued capacity, amounting to 3.8 GW. Of this, NHPC and NTPC each
issued 1.2 GW of Interstate Transmission System (ISTS)-connected tenders, while SECI issued a total of 0.9 GW. Additionally, REMCL
contributed to the momentum by issuing a renewable energy with storage tender of 500 MW.
Figure 5.2 Quarter-wise RE tender issuance trajectory, by tendering authorities
0
5
10
15
20
25
Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Capacity (GW)
SECI NTPC SJVN NHPC MSEDCL GUVNL PSPCL
Renewable Energy Implementing
Agencies (Central) State Agencies
Source: JMK Research
Note: Only utility-scale project development renewable energy tenders are included for Solar, Wind and Wind Solar hybrid projects.
24
5.2
Issuance by central and state authorities
State tendering agencies issued tenders of capacity totaling 1000 MW, accounting for ~21% of the total tenders issued in Q1 2025.
After a long gap, Haryana’s HPPC issued a 500 MW solar tender in January 2025, in a bid to boost private investment and expand
solar capacity in the state. Moreover, GUVNL issued utility-scale tenders of 250 MW for wind (with a greenshoe option of an
additional 250 MW).
Figure 5.3 Renewable energy tender issuance in Q1 2025
Solar Wind RE with Storage
25
Source: JMK Research
500 500
250
400
250
1200 1200
500
2.7
0
200
400
600
800
1,000
1,200
SECI 500 MW Solar India
February 2025
HPPC 500 MW Solar Haryana
Jan 2025
GUVNL, 250 MW with
additional green shoe
capacity of 250 MW, Solar
(Phase XXVI), Pan India, Jan
2025
SECI 400 MW ISTS
Connected Wind (Tranche
XVIII) Mar 2025
GUVNL 250 MW with
additional green shoe
capacity of 250 MW Wind
(Phase IX) Gujarat Jan 2025
NTPC 1200 MW ISTS
Connected Solar with 600
MW / 2400 MWh ESS Pan
India Jan 2025
NHPC 1200 MW ISTS-
Connected Solar with 600
MW/2400 MWh ESS Pan India
March 2025
REMCL 500 MW RTC from RE
Power Projects Pan India Jan
2025
SECI 2.7 MW Floating Solar
with BESS Lakshadweep Feb
2025
Capacity (MW)
In Q1 2025, a capacity of ~7 GW was allotted to various RE developers, reecting a decrease of 8.6% compared to Q4 2024. There is a
signicant drop of around 65% in the allotment of tenders in the RE space compared to Q1 2024; this considerable decline year on
year is due to delays in signing Power Sale Agreements (PSAs), creating uncertainty for developers, compounded by
undersubscription and frequent tender cancellations. Additionally, the drop is also attributed to the exceptionally high volume of
capacity allotted in Q1 2024, which sets a higher comparative base for Q1 2025, driven in part by the initial momentum to meet
MNRE’s newly introduced annual bidding target of 50 GW from FY2024 to FY2028.
Figure 5.4 Renewable energy tender allotment trajectory, by tender type, quarter wise
0
5,000
10,000
15,000
20,000
Q1 2022
Q2 2022
Q3 2022
Q4 2022
Q1 2023
Q2 2023
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Q1 2025
Allotted Capacity (MW)
RE with storage Wind Solar Hybrid Wind Solar
Source: JMK Research
5.3
Allotted Capacity
26
Solar
In Q1 2025, 2250 MW was allotted under the solar segment, which represents 32% of the total capacity
allotted. In the last two quarters, there has been a decline in allocations in solar segment. There was a
quarterly decline of 5% in Q4 2024 & 18% in Q1 2025 in the allocation of solar tenders.
Wind
In Q1 2025, 482 MW was allocated in the wind segment, double the 240 MW allocated in Q4 2024,
reflecting a strong rebound in interest and investment in wind energy.
Wind Solar Hybrid
In Q1 2025, the Wind-Solar Hybrid (WSH) segment was allocated 1200 MW in Q1 2025, whereas in the
previous quarter i.e. Q4 2024, the allocation was 4650 MW.
RE with Storage In Q1 2025, a substantial capacity of 1848 MW was allocated for renewable energy projects with storage, marking
an increase compared to the Q4 of 2024 . RE with storage tenders are oered in various procurement formats,
including peak power supply, round-the-clock (RTC), and FDRE. In Q1 2025, FDRE tenders accounted for 648 MW
of the total capacity allocated.
Under Subscription
A capacity of 3270 MW remained undersubscribed in Q1 2025. The RE with Storage segment experienced
an undersubscription of 2552 MW followed by wind segment with an undersubscription of 718 MW.
27
2.56 2.6
3.98 3.74
3.38
3.41 3.09
8.5
4.82
0
1
2
3
4
5
6
7
8
9
10
0
500
1,000
1,500
2,000
2,500
UPPCL 2000 MW Solar Pan
India Feb 2024
GUVNL, 250 MW with
additional green shoe capacity
of 250 MW, Solar (Phase XXVI),
Pan India, Jan 2025
SJVN 600 MW Wind Pan India
Mar 2024
SJVN, 600 MW, ISTS
Connected Wind, Apr 2024
NTPC 1200 MW Wind Solar
Hybrid Pan India Aug 2024
(Green shoe capacity of 600
MW)
NHPC, 1200 MW, ISTS
Connected WSH, Pan India,
Dec 2024
NHPC 1200 MW and 600
MW/1200 MWh (Tranche-VIII)
Solar ESS Sep 2024
SECI 2000 MW/8000 MWh
FDRE VI Pan India Sep 2024
SJVN 1200 MW FDRE (RTC)
from ISTS Connected RE
Power Pan India Jul 2024
Tariff (INR/kWh)
Capacity (MW)
Wind Solar Hybrid
Solar Wind RE with Storage
Source: JMK Research
In Q1 2025, approximately 10,250 MW of renewable energy capacity was auctioned, out of which around 6,980 MW was allotted,
resulting in 3,270 MW (32%) being undersubscribed.
Note: Darker bars represent issued tender capacity, while lighter bars indicate awarded capacity.
28
26
Figure 5.5 Renewable energy tender allotment in Q1 2025
In Q1 2025, 2 public and 19 private sector RE developers emerged as successful bidders. This included NTPC and NLC from the
public sector and Adani, Renew, Jindal Renewables, Datta Infra, and others from the private sector.
In the solar segment, the top 4 developers accounted for approximately ~29% of the total RE capacity allocated during this quarter.
Among the total capacity awarded in the solar segment, NTPC and Adani secured the highest capacities of 1000 MW and 400 MW,
respectively. In the Wind Segment, top 3 developers, Datta Infra, Renew, and NLC were cumulatively allocated capacity of 482 MW.
Adani, Jindal Renewables, and Illuminate Hybren (Mahindra Susten), were awarded a total of 850 MW capacity in the wind solar
hybrid segment in Q1 2025. In the RE with storage segment, the top 5 developers were allotted a capacity of 1250 MW which
accounted for 68% of the total allocation under the segment.
Figure 5.6: Projects won by developers across different segments in Q1 2025
1000
400 300 100 300 150
100
182 200
350
350 150 210 200 150
390
300
170
400
180
200
598
0
200
400
600
800
1,000
1,200
1,400
NTPC
Adani
Renew
Jindal
Renewables
Datta Infra
Avaada
Fastnote
Biofuels
(Hindustan
Power)
NLC
O2 Power
Evergreen Power
Ampin Energy
Others*
Capacity (MW)
Solar Wind WSH RE with Storage
Source: JMK Research
In Q1 2025, Fastnote Biofuels (Hindustan Power) emerged as a new entrant by securing its first solar tender issued by SJVN.
Additionally, Mahindra Susten, Kolar Solar, Onix Renewables, EG Energy, and Dineshchandra were awarded their first hybrid tenders
during the same period.
Note: Others*: include Kolar Solar, Onix Renewable, EG Energy, Dineshchandra, Serentic Renewables, Tata Power Renewables, SAEL, Welspun Renewable Energy, Illuminate Hybren and Sprng Vayu
Vidyut
29
In Q1 2025, a total of 9.5 GW of ESS tenders were issued, with standalone BESS tenders dominating the landscape at 6.1 GW,
accounting for 64% of total ESS tendered capacity.
Figure 5.7 Quarter-wise standalone BESS storage tender issuance and allotment trajectory
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Q1 2025
Capacity (MW)
Issued Capacity Allotted Capacity
Source: JMK Research
•The issuance of standalone
BESS tenders in Q1 2025
increased by about 10 times to
6,125 MW, up from 650 MW in
Q4 2024.
•The central agencies issued 5
of the 11 standalone BESS
tenders, accounting for about
69.4% of the issued capacity.
•Only 2 standalone tenders
having total capacity of 2,750
MW were issued under Pan
India category.
•9 standalone BESS tenders
with a combined capacity of
3.6 GW were floated under the
VGF framework.
Standalone BESS Tenders Issued
5.4
30
In Q1 2025, around 850 MW of standalone BESS tenders were auctioned.
The lowest tariff discovered for standalone ESS projects dropped significantly to INR 2.21 lakhs/MW/month in Q1 2025 from INR 4.49
lakhs/MW/month in Q1 2024, marking a sharp 49% reduction. This decline is largely driven by the Viability Gap Funding (VGF) support.
Table 5.8 Quarter-wise standalone BESS storage tender issuance and allotment trajectory
Standalone BESS Allotted Capacities
31
125
50 50
125 125
50 75
250
4.41
2.4
2.45 2.45 2.21 2.22 2.23 2.24
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5
0
50
100
150
200
250
300
JSW Energy
Bondada Engineering
Oriana Power
Pace Digitek
Solarworld
Oriana Power
Rays Power
JSW Energy
Tariff (NR lakh/MW/Month)
Capacity Won (MW)
SECI, 125 MW/500 MWh Standalone BESS, Kerala, Dec 2024
TGGENCO, 250 MW/500 MWh, Standalone BESS, Telangana, Jan 2025
RVUNL, 500 MW/1000 MWh, Standalone BESS, Rajasthan, Nov 2024
Tariff
Source: JMK Research
2.5
2.36 2.43
1.99
2.2
2.51
2.14 2.17
2.29
2.3
2.49
2.9
2.51 2.55 2.6 2.52 2.52
2.67
2.48
2.15
2.56
2.612.55
2.81
2.97
2.58
2.69
3.11 3.05
3.26
3.26
2.91 2.97
2.52
2.89
2.75 2.64 2.62
2.72
2.57
3.04
2.6
1.50
1.70
1.90
2.10
2.30
2.50
2.70
2.90
3.10
3.30
3.50
3.70
3.90
Q1
2020
Q2
2020
Q3
2020
Q4
2020
Q1
2021
Q2
2021
Q3
2021
Q4
2021
Q1
2022
Q2
2022
Q3
2022
Q4
2022
Q1
2023
Q2
2023
Q3
2023
Q4
2023
Q1
2024
Q2
2024
Q3
2024
Q4
2024
Q1
2025
Tariff (INR/ kWh)
Solar
Tariff Trends
In Q1 2025, the lowest-winning tariff in the solar segment was INR 2.56/kWh quoted by NTPC & ReNew under UPPCL’s 2000 MW Solar
tender marking an increase of 19% in comparison to lowest tariff discovered in Q4 2024.
Figure 5.9: Lowest winning tariff range in RE tenders - Solar
Source: JMK Research
5.5
32
In Q1 2025, the lowest winning tariff in the wind segment was INR 3.74/kWh, quoted by NLC for SJVN’s 600 MW ISTS-connected wind tender
issued in April 2024. This marks a marginal 5% increase compared to the lowest wind tariff in Q4 2024. Notably, there was no capacity
allocation in the wind segment during Q2 and Q3 of 2024, due to wind tender cancellations during that period.
2.76 2.82 2.79 2.77 2.69 2.84
2.9 2.96 3.11
3.42 3.56 3.74
2.83 2.83 2.95 2.78 2.7
3.11 3.27
2.95 3.01 3.18
3.6 3.82 3.99
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
Q1 2019
Q3 2019
Q4 2019
Q1 2021
Q3 2021
Q2 2022
Q3 2022
Q4 2022
Q1 2023
Q2 2023
Q1 2024
Q4 2025
Q1 2025
Tariff (INR/ kWh)
Wind
Source: JMK Research
Figure 5.10: Lowest winning Tari range in RE tenders – Wind
33
The lowest-winning tariff in the wind-solar hybrid segment in Q1 2025 was INR 3.38/kWh quoted by Jindal Renewables under the
NTPC’s 1200 MW Wind Solar Hybrid (Green shoe capacity of 600 MW) tender which is 6% higher than the lowest wind-solar hybrid
tariff discovered in the previous quarter (Q4 2024).
2.99
2.41 2.34
2.53
3.03 3.07
3.27
3.07 3.15
3.33 3.43
3.19 3.38
3
2.42
2.62 2.54
3.04 33.07
3.28 3.37
3.65
3.47
3.69 3.6
3.44
1.50
1.70
1.90
2.10
2.30
2.50
2.70
2.90
3.10
3.30
3.50
3.70
3.90
Q3 2020
Q4 2020
Q3 2021
Q2 2022
Q3 2022
Q4 2022
Q2 2023
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Q1 2025
Tariff (INR/ kWh)
Wind-Solar Hybrid
Source: JMK Research
Figure 5.11: Lowest winning Tari range in RE tenders – Wind-Solar Hybrid
34
Chapter 6:
Financial Deals
In the first quarter of 2025, investment in the renewable energy sector was more than US$6,232.34 million, marking an increase of
approximately ~34% compared to the fourth quarter of 2024. Of the total investment, 29% was sourced through debt, while 15%
came from equity. Acquisitions accounted for 54% of the total investment during this period.
Figure 6.1: Quarter-wise investment flow in Indian RE sector (US$ million)
Source: JMK Research
Note: Others include debt, mezzanine funding, IPO etc
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
Q1 2023
Q2 2023
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Q1 2025
Investments (in US$ Million)
Equity Bonds M&A Other
Investments in RE Sector
6.1
37
Equity:
•Adani Green Energy Ltd (AGEL) has successfully completed the funding of reserves for its US$750 million Holdco Bond, eight
months ahead of its maturity in September 2024. The funding sources include a US$281 million promoter infusion, US$300 million
from a Total Energies joint venture, and US$169 million from reserve accounts, all secured in a Senior Debt Redemption Account.
•UltraTech Cement has invested US$53.48 million to acquire a 26% stake in CleanMax Sapphire, a SPV developing a 55 MW wind-
solar hybrid project in Honawad, Karnataka.
•Singularity AMC has committed up to US$57.2 million in Bhilwara Energy Limited (BEL) to establish HEG Greentech, an integrated
energy transition platform. The investment will boost BEL's expansion into renewable power assets, battery grade materials,
recycling, and advanced energy storage systems for EVs.
Figure 6.2: Equity Investments and debt raised by RE players in Q1 2025
0
200
400
600
800
1,000
1,200
Adani Bhilwara
Energy
Cleanmax
Sapphire
Ampin Energy Amrut Energy Juniper Energy ACME Blupine Mahindra
Sustain
Investments (US$ Million)
DebtEquity
Source: JMK Research 38
Debt:
•Juniper Green Energy has secured US$1 billion in phased debt financing from institutions including PFC, DBS Bank, HSBC, and IREDA to
develop wind-solar hybrid and firm & dispatchable renewable energy projects across India. The funding will support large-scale clean
energy initiatives, including a 1 GWp solar module order from First Solar and a 320.38 MWh battery storage system from Envision
Energy.
•Acme Renewtech Pvt Ltd, a subsidiary of Acme Solar Holdings, has secured a US$232 million term loan from Power Finance Corporation
(PFC) to develop a 300 MW solar-wind hybrid renewable energy project. The project will feature solar capacity in Bikaner, Rajasthan, and
wind capacity in Bhuj, Gujarat. A power purchase agreement has been signed with NTPC, and grid connectivity is already in place.
Acquisition:
•ONGC NTPC Green Pvt Ltd (ONGPL), a joint venture between ONGC Green and NTPC Green Energy, has signed a share purchase
agreement to acquire a 100% equity stake in Ayana Renewable Power having a RE portfolio of 4.1 GW at a deal value of US$2.3 billion.
•US buyout firm TPG, through its Rise Climate platform, has acquired a 90% stake in Siemens Gamesa's onshore wind turbine business
in India and Sri Lanka. The deal, valued between US$500–550 million, aims to scale clean energy manufacturing in the region.
•JSW Neo Energy, a wholly owned subsidiary of JSW Energy, has acquired a 100% stake in Virya Infrapower for US$8.7 million in an all-
cash deal..
Figure 6.3: Major Acquisitions of RE players in Q1 2025
2,300
550
325
106 93 9
0
500
1,000
1,500
2,000
2,500
Ayana Renewable
Power
Siemens Gamesa Stride Climate
Investments Platform
(Macquarie Group)
PTC Energy Enel Green Power
Development
Virya Infra Power
Investments (US$ Million)
ONGC NTPC Green Pvt. Ltd.
Source: JMK Research
Note: The Names above the bar graph represents name of the acquirer and the name below are the names of company who has been acquired.
39
40
Other key investments across segments in Q1 2025:
In the PV manufacturing segment, investments of US$11 million were made, which accounted for
0.15% of the total flow of investments. Some of the key deals are:
•Amrut Energy Pvt Ltd raised INR 100 crores (~US$11 million) from private equity investors to boost its
manufacturing, R&D, and nationwide expansion.
PV Manufacturing
Banking & NBFC’s Banking and NBFC’s made investments of US$550 million, which accounted for 7.55% of the total
inflow of investments.
•The Indian Renewable Energy Development Agency (IREDA) has raised US$106 million through the
issuance of privately placed subordinated Tier-II bonds with a 10-year tenor and an annual coupon
rate of 7.74%. This capital infusion aims to strengthen IREDA's Tier-II capital, enhancing its net worth
and Capital to Risk-Weighted Assets Ratio (CRAR), thereby strengthening its capacity to finance
clean energy projects across India.
Project Developers The cumulative investment raised by project developers was US$6724.44 million, which was 92.23% of
the total investment flow.
•Adani Green Energy Ltd (AGEL) has successfully completed the funding of reserves for its US$750
million Holdco Bond, eight months ahead of its maturity in September 2024.
•SWELECT Energy Systems has raised US$33.89 million through non-convertible debentures in a
private placement with India Infradebt, unlocking US$30.38 million in cash collaterals to expand its
independent power producer portfolio to 1 GW by 2026-27.
Chapter 7:
Solar
Manufacturing
In Q1 2025, 9 domestic manufacturers
announced plans to establish ~17.8 GW of solar
module manufacturing capacity. Several new
entrants like GP Ecosolution, Army Solar, Teerth
Gopicon have announced plans to setup facilities
to capture the growing demand in the market.
•GP EcoSolutions is planning to establish
manufacturing facilities for 5 GW of solar
panels and 2 GW of cells in the Madhya
Pradesh with an investment of INR 10 billion by
the end of FY2028.
•Teerth Gopicon, a civil infra-EPC player, is
planning to invest INR 1,500 crore in setting up
a 3 GW of TOPCon solar cell and module
manufacturing facility Madhya Pradesh.
•Army Solar is building a 3 GW TOPCon solar PV
module manufacturing facility in Surat. The
factory will produce TOPCon and mono PERC
modules.
Figure 7.1: Solar Module Manufacturing Capacities
announcements by Players in Q1 2025
0
1
2
3
4
5
6
Gigawatt (GW)
New Entrant
Existing Player
Source: News Articles, JMK Research 42
Solar Module
Manufacturing capacity
announcements by
leading players in Q1
2025
7.1
As of March 2025, over 90 manufacturers were listed under the ALMM with a total capacity of 74.23 GW. In Q1 2025, 11.8 GW of new
capacity was added.
The top 10 players have an enlisted capacity of 46.68 GW under ALMM, i.e., ~63% of the total enlisted module manufacturing
capacity.
Players are aggressively expanding capacities to capture the domestic demand. Goldi solar has raised its enlisted capacity to 5.78
GW by adding 2.94 GW.
Additionally, players like Rayzon Solar and Grew Energies have increased their enlisted capacities to 3 GW and 2.8 GW, respectively
in Q1 2025.
Figure 7.2: Quarter wise ALMM enlisted capacity
0
20
40
60
80
100
120
0
10
20
30
40
50
60
70
80
Q1 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q1 2023
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Q1 2025
Number of enlisted manufacturers
Enlisted Capacity (GW)
Source: JMK Research, MNRE
43
ALMM Enlisted Capacity Trend
7.2
Exports from Indian manufacturers have declined in recent quarters due to the imposition of ALMM. In Q1 2025, ~572 MW of modules
were exported by 4 key players while in Q4 2024, 204 MW of modules exports were registered by 5 players.
Adani’s exports in Q1 2025 exceeded twice the capacity exported in the fourth quarter of 2024. Additionally, Waaree has exported
nearly 2.5 times more than the capacity shipped in Q4 2024.
Fig 7.3: Exports by Leading domestic module suppliers in Q1 2025
34%
8%
1.31% 0.18%
0%
5%
10%
15%
20%
25%
30%
35%
40%
0
50
100
150
200
250
300
350
400
450
500
1 2 3 4
Percentage share
Module Export Capacity (MW)
Exports Data (Q1 2025) Exports as %share of Production in Q1 2025
Source: JMK Research
Note: Premier Energies and First Solar have not shared their quarterly data, hence not included.
44
Exports by Key Domestic Players
7.3
In Q1 2025 (Till February), imports of solar PV modules and cells reached US$ 567.36 million and US$ 301.55 million, making India a
net importer during this quarter.
India imported modules worth US$ 441.08 million from China accounting 78% of the total module imports followed by Vietnam
(13%), and Hongkong (7.2%) and the remaining 1.8% from USA, Germany, Korea etc.
Additionally, India exported solar PV modules worth US$163.61 million in Q1 2025 with USA being the favorable destination for
exports.
Figure 7.4: Quarter-wise import-export trend for solar cells and modules
-1,00,000 -50,000 0 50,000 1,00,000 1,50,000 2,00,000
Q1 2022
Q2 2022
Q3 2022
Q4 2022
Q1 2023
Q2 2023
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Q1 2025 (Till February)
Solar Cell (Export) Solar module (Export) Solar Cell (Import) Solar Modules (Import)
Source: Ministry of Commerce and Industry, JMK Research
Note: Q1 2025 (YTD) includes data for January and February 2025. March data is not yet released by the Ministry of Commerce and Industry.
45
Quarterly Import-Export Statistics
7.4
Chapter 8:
Price Trends
Global Average Prices Trends
8.1
•In Q1 2025, mono-PERC solar cell and module prices in the overseas market saw an increase of 20.84% and 3.09% respectively,
from the previous quarter.
•Moreover, on a year-over-year basis, prices of mono PERC solar cells and modules dropped significantly by 23.07% and 30.43%
respectively, in Q1 2025.
Figure 8.1: Quarter –wise Global price trends of solar cells and modules
13.4 14.1 15.7 15.7 16 16.9 16.3 14.7 12.9
9.4
6.8 5.2 4.3 3.9 3.31 4
22.6 24
27.1 26.8 26.5 26.3 24.8
22.5 20.8
17.5
13.2 11.5 10.8 10
7.76 8
0
5
10
15
20
25
30
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
Q1 2023
Q2 2023
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Q1 2025
Prices (US cents/ Wp)
Mono PERC Modules
Mono PERC Cells
Source: PV Info, JMK Research 47
Average Prices for Domestic Modules
8.2
•In Q1 2025, the price of mono-PERC 500 Wp modules stood at INR 15.39/Wp, marking a 0.70% decrease from Q4 2024 and a
22.14% year-over-year decline.
•Bifacial modules were priced at INR 15.6/Wp, marking a decrease of 0.6% from the previous quarter and a 22.2% decrease year-
over-year.
•Meanwhile, the domestic prices TOPCon modules in Q1 2025 saw a decrease of approximately 1.9% compared to the previous
quarter.
Figure 8.2: Quarter-wise trends for Average Prices for Domestic Modules
Source: JMK Research
Note: Domestic module prices are all inclusive prices till project site including freight charges, GST, etc
32.2 32.1 31.5 30.7
27.8
24.4
21.2 19.8
15.3 13.7 15.5 15.39
32.0 31.3 29.5
25.7
22.5
20.1
15.6 14.4 15.7 15.6
14
17
16.67
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
Prices (INR/ Wp)
Mono PERC Solar Modules
Bifacial Module
TOPCon Modules
48
Chapter 9:
GDAM Traded Volume
•In Q1 2025, IEX GDAM traded volume saw a signicant increase of 102.36% year-on-year, from 296 MU in Q1 2024 to 599 MU in
Q1 2025, this increase is due to ample supply side liquidity. Along with that, the traded volume saw a 24.65% decrease,
compared to the previous quarter. This decline is due to scheduling of the inrm power, which makes lesser green power
available for trading.
•The average trade price for IEX-GDAM in Q1 2025 was INR 4.89/kWh which is 16.7% more than the price in Q4 2024.
Figure 9.1: Quarter-wise GDAM Traded Volume and Average Price Trend
357 364
271 279
174 171 193
296
533
846
795
599
8.33
6.19
5.02
6.46
5.10
6.19
5.31
5.15 5.49 4.89
4.19
4.89
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
0
100
200
300
400
500
600
700
800
900
Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
INR/kWh
Million Units/ GWH
IEX GDAM - Traded Volume IEX GDAM - Traded Price
Source: IEX, JMK Research
50
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